Blockfills expands into crypto-fiat payment processing for enterprises

Digital assets technology firm Blockfills has launched a new service enabling payment companies and fintechs to process transactions between cryptocurrencies and traditional currencies, as institutional adoption of digital assets continues to grow.

The Chicago-based company, which says it handles $65 billion in trading volume across 70 countries, announced the expansion at the Money20/20 USA conference in Las Vegas on Monday. The move comes as traditional financial services become increasingly intertwined with digital assets following recent approvals of spot Bitcoin ETFs and growing institutional interest in stablecoins.

"BlockFills is trusted by more than 1,500 institutional financial services clients," said Nick Hammer, Co-Founder & CEO of Blockfills. "As we continue our push beyond traditional trading and into software, enterprise payments processing is an obvious path where we can leverage our world-class infrastructure and expertise in digital assets to bring immediate value and impact to the market."

The service will be available through APIs, Blockfills' proprietary trading platform called Vision, and over-the-counter trading. The company emphasises its offering of same-day settlement and 24/7 market access.

The expansion comes as the crypto payment gateways market, valued at $1.2 billion in 2023, is projected to grow at over 15% annually through 2032, according to Global Market Insights. This growth occurs within a broader payments market that McKinsey & Company forecasts will reach $3 trillion by 2026.

Patrick Zielbauer, Blockfills Managing Director of Sales, said: "As traditional payments and digital assets become more connected, our goal is to open access to our cutting-edge APIs and white glove trading services to make the on/off ramp for digital assets faster, safer and more cost-efficient for enterprise payments companies."

Early adopter C14, a fiat-to-crypto on-ramp provider servicing digital wallets and Web3 applications, cited improved pricing and settlement capabilities as key benefits. "We recently onboarded at BlockFills to forge a relationship with a firm focused on the rigorous demands of institutions, based on a desire to shift the bulk of our business away from centralised exchanges that proved challenging on a variety of levels," said Erich Grant, CEO of C14.

The company offers services including fiat banking rails supporting multiple currencies, same-day settlements, and post-trade settlement options, with no connectivity fees for API integration.